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If a family member passes away and you inherit their IRA or 401(k), it can be challenging to determine how to proceed. The situation can be variable depending on your connection to the deceased.
Inheritance taxes are paid not by the estate of the deceased, but by the inheritors of the estate. For example, the Kentucky inheritance tax "is a tax on the right to receive property from a decedent's estate; both tax and exemptions are based on the relationship of the beneficiary to the decedent." [52]
This penalty is in addition to the ordinary income tax assessed at the individual's marginal rate and any state income taxes. The RMD rules are designed to spread out the distributions of one's entire interest in an IRA or plan account over one's life expectancy or the joint life expectancy of the individual and his or her beneficiaries.
Arguments for inheritance taxes include reduction of discrimination between inherited income and income from work due to taxing at different tax rates. [6] Inheritance has been compared to nepotism [7] and inconsistent with the values of capitalism. [8] Inheritance tax has been argued to be preferable to income tax on work or land value tax. [9]
Failing to pay Federal taxes withheld can result in a penalty of 100% of the amount not paid. This may be assessed against anyone responsible for the funds from which payment of withheld tax could have been made. Paying withheld Federal taxes late may result in penalties up to 10%, plus interest, on the balance paid late. State penalties vary.
In the law of inheritance, wills and trusts, a disclaimer of interest (also called a renunciation) is an attempt by a person to renounce their legal right to benefit from an inheritance (either under a will or through intestacy) or through a trust. "If a trustee disclaims an interest in property that otherwise would have become trust property ...
The U.S. Department of Defense will consider granting honorable discharges to more than 30,000 gay and bisexual veterans who were barred from serving in the military because of their sexual ...
Enjoy a classic game of Hearts and watch out for the Queen of Spades!